The government is formulating an export strategy aimed at significantly boosting the country’s goods and services shipments, as stated by Commerce and Industry Minister Piyush Goyal. He highlighted that the ministry is taking a highly focused approach to achieve the ambitious goal of reaching $2 trillion in exports by 2030. This strategy involves addressing exporter concerns and pinpointing India’s competitive advantages and strengths.
Highlights
Current Export Performance
Goyal reported, “Exports of both goods and services are performing well despite global challenges. We are developing an export strategy to expedite the growth of exports across both sectors,” as he shared with PTI.
– For the fiscal year 2024-25, exports are expected to exceed $800 billion.
– This is an increase from $778 billion recorded in the previous fiscal year.
Budget Expectations and Support for Exporters
When asked about his expectations for the upcoming Budget concerning exports, the minister expressed confidence in the support from Prime Minister Narendra Modi. He stated, “The Prime Minister has always been very supportive of the exporting community. I am certain that the Prime Minister and Finance Minister Nirmala Sitharaman will continue to take proactive measures to bolster our exports.”
Addressing Exporter Concerns
Regarding issues faced by exporters, such as declining export credit and high-interest rates, Goyal mentioned that the ministry is taking a comprehensive view and engaging with relevant stakeholders.
– “We are continually working with the banking system and the ECGC (Export Credit Guarantee Corporation) to find solutions to these challenges faced by exporters,” he noted.
According to the Federation of India Export Organisations (FIEO), export credit has seen a decrease of 5% from March 2022 (Rs 2,27,452 crore) to March 2024 (Rs 2,17,406 crore). The leading exporters’ organisation has urged the government to extend the interest equalisation scheme to assist exporters in navigating liquidity challenges.
Revamping Special Economic Zones
The minister acknowledged that discussions are ongoing regarding improvements to special economic zones (SEZs) with all relevant stakeholders, including SEZ units. He assured, “I am confident that a comprehensive solution will soon emerge to address the concerns surrounding SEZs.”
Combatting Unfair Competition
Regarding issues related to the dumping of goods from China, Goyal urged the industry to promptly contact the ministry’s DGTR (Directorate General of Trade Remedies) if they encounter unfair competition due to a surge in imports. “India will not tolerate any dumping. We are committed to being proactive in our measures,” he affirmed.